Calif. Metros Post Largest Inventory Declines

Calif. Metros Post Largest Inventory Declines

Daily Real Estate News |
Tuesday, October 16, 2012

For-sale inventories of single family homes, condos, townhomes, and co-ops continue to hover at historic lows, down nearly 18 percent compared to a year ago, according to September housing data from Realtor.com.

Some markets have seen inventories drop even more in the past year, falling by even 60 percent or more in some cases. California continues to see some of the biggest drops in for-sale listings nationwide, as well as some of the largest increases to median asking prices.

For example, in just one month from September to August, the Stockton-Lodi, Calif., metro area has seen inventories of for-sale homes shrink by 35 percent and inventories have fallen by nearly 34 percent in Sacramento.

The following are the metros that have seen the largest year-over-year drops in for-sale inventories (September 2012 compared to September 2011):